Emerson invests $ 25 m in innovation center

Emerson has underlined its commitment to the MEA market with the announcement of a $ 25 million investment to create a technology and innovation center in partnership with the King Fahd University of Petroleum and Minerals (KFUPM).
Emerson signed an agreement to lease land in the Dhahran Techno Valley for the Emerson Center for Technology and Innovation, which will train technologists and innovation leaders of the future.
The move by Emerson accelerates the company’s presence and growth in Saudi Arabia.
Developed in conjunction with the KFUPM, the work that will take place in the Emerson Center for Technology and Innovation will provide Emerson and its customers with access to groundbreaking innovation, helping them solve the technical challenges of tomorrow and providing them with access to a skilled pool of talent.
KFUPM Rector Khaled S. Al-Sultan greeted Emerson president and COO Ed Monser at a ceremony at KFUPM, Alkhobar, to mark the signing of the land lease.
Al-Sultan said: “The aim of Dhahran Techno valley, is not financial profit but we are focusing on the developmental aspects like patents, contributing to building factories, and establishing companies that attract Saudi employees. The Dhahran Techno Valley is an integral part of the King Fahd University, and by converting it into a private company, it would be managed in a private sector manner and thus give it more flexibility.”
Monser said: “Globally, Emerson has a strong track-record of new technology development, investing $ 800 million in engineering and development in 2011 and employing more than 8,000 engineering and development personnel in worldwide research and development. The KFUPM agreement, however, is the first time we have invested a single amount of this size, which will be dedicated solely to technology development and innovation, in any single local market.
Today underscores the critical importance of KSA to Emerson’s growth in the Middle East and Africa region, and our commitment to training and recruiting Saudi employees and KFUPM graduates.”